Chinese EV maker Nio launches battery leasing service

SHANGHAI, China: Chinese electric vehicle (EV) maker Nio Inc. has launched a battery leasing service that will allow drivers to buy an EV without owning the battery pack — one of the most expensive EV components — thereby lowering the starting price of its cars.

The service, called “battery as a service” (BaaS), entails drivers paying a monthly rental fee for use of the batteries.

The cheapest Nio car after subsidies is now an ES6 sport-utility vehicle (SUV) priced 273,600 yuan ($39,553) without ownership of the battery pack, versus 343,600 yuan including the pack.